I find it hard to get excited by all this.
Let's remember the process on the Westinghouse site and that the following facts for that site also applies to this:
1. David Mirvish is not a developer; neither he nor his associate Peter Kofman have the expertise (nor financial capability) to develop, market and construct a project of this scale;
2. He sold the Westinghouse site for these very reasons (having little appetite to joint-venture with another developer following the Stinson fiasco);
3. On the Westinghouse site, he hired a high-profile architect (KPMB) and promised some cultural benefits (a Theatre Museum) in order to achieve his rezoning and deal with heritage issues;
4. Upon completion of the rezoning of the Westinghouse site, he sold it at an extraordinarily high price, to a developer (who then replaced KPMB with Page and Steele).
I believe that this is purely a real-estate play to maximize the value of the land and then sell it. Someone will have to pay for the museums, galleries and extras and the cost of these will be factored into the land price. On top of that, assuming that any zoning achieved on the site will be tied to using Frank Gehry, the "Gehry-factor" will have to be considered as well (a bait-and-switch like on the Westinghouse site will be unlikely).
In the end, the whole concept is premised upon a thriving condo market and the confidence of a third-party developer in building 2,600 units in this location, in incredibly expensive towers, and in paying the land price needed to cover the costs mentioned above.